(Last Updated November 17, 2020 2:17 GMT)
Currently, EURAUD’s rate is down -6 pips (-0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURAUD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 100 hour changed directions on EURAUD; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
EURAUD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURAUD is down 93 pips (0.57%) since the previous day (opening today near 1.61822), marking the 2nd consecutive day a decline has happened. Out of the 40 instruments in the Forex asset class, EURAUD ended up ranking 35th for the day in terms of price change. The price chart of EURAUD below illustrates.
EURAUD Technical Analysis
Notably, the current price of EURAUD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 100 day average, which is 190.7 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 17 out of the past 30 days.